ITAT on allowability of Payment to Formula one Car Driver

GSA Gestions Sportives Automobiles SA Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that penalty can’t be invoked under Income Tax Act without relevant documents which substantiate business activities. The appellant GSA (Gestions Sportives Automobiles) is a company engaged in providing services of qualified motor racing drivers to teams participating in the Federation Internationale de’1 Automobile (FIA) Formula One 2011 Championship. The assessing officer stated that the assessee refused various notice orders for Assessing Year 2012-13. Further conten...